The drops in Advanced Micro and Micron come amid a larger debate among analysts and other observers about whether the semiconductor industry has finally bottomed out amid a current down cycle, or still has some distance to go.

On the side of the bulls, Rosenblatt Securities last week hiked its price target of AMD to $52 a share from $42. At the time that was the highest target of any analyst surveyed by FactSet covering the stock.

"The setup for the company is for continued momentum into 2020 on broad-based desktop and server 7-nanometer deployments, continued 12-nanometer notebook traction (7 nanometer next year), and a new game console cycle that is a bit stronger than we have been modeling," wrote Rosenblatt analyst Hans Mosesmann.